[Hello2016]

Due to my major in Statistics, I do not have enough accounting units to sit for the CPA. In the future, I might take the CPA I might not. That is why I want to take the CMA to have something put on my resume and enhance my accounting knowledge, but some of my friends keep telling me it is not worth to pursue a CMA if I do not have a CPA. CMA itself will not help me land a job, and the cost of continue education become expensive if the CMA itself will not help in my career. Please give some advices if my friends are right.

 

[Anonymous]

What career do you want? If you want a career in public accounting, I think the CMA would be comparatively useless. If you want a career in private accounting, them the CMA has more value. It won't get you a job all by itself, but can be beneficial to getting one. I considered getting one when I lacked the experience to get the CPA, but ended up being able to get a job that qualified for the CPA experience, so was able to get the CPA sooner than the CMA, so went the CPA route. CMA renewal fees are more than the CPA (or at least in some states – my state's CPA renewal fees are less than the IMA's CMA renewal fees), so the CMA can be a more expensive credential to maintain, but not a significant difference.

Personally I think the time when the CMA costs more in CPE than it's worth is when you have both CPA and CMA. I'm sure that there are jobs for which having both is necessary or helpful, but for most accounting jobs, both is just wasted renewal fees. So, though I planned for awhile to get both, I ended up decided to stick with just the CPA since I got it first.

The CPA is more well-known than the CMA, but the CMA is more targeted at the private accounting industry. I think that a valid case could be made for getting either as a sole designation. If you were qualified for both, I'd lean towards the CPA since it is more well-known and has a lower experience requirements (1 year vs 2 years in management-geared roles which seems subject to interpretation), but since you're qualified to sit for the CMA exams and not for the CPA exams, I see no reason not to move forward with the CMA exams. If it will boost your resume and help you get a job, then it's worth every penny paid in renewal fees and CPE.

[Missy]

Well there is an experience requirement to sit for the CMA, not sure if you've considered that.

CMA is really only valuable when combined with some good accounting experience, not as a substitute to demonstrate proficiency. The types of jobs that are more likely to be impressed by the credential are management (as the M implies) positions, senior level and below the designation is basically useless.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Hello2016]

@Lila Thank you for your advice again, I am planning to have my career in private accounting. That is what I thought about CMA, that reassure me to continue taking the CMA exam.

[Hello2016]

@mla11692 OMG!! so it will not help like working as cost accounting or internal audit position?!! If I am already have a management position, why do I bother to get my CMA , but the job experience requirement are just

Preparation of financial statements
Financial planning and analysis
Monthly, quarterly and year end close
Auditing (external or internal)
Budget preparation and reporting
Manage general ledger and balance sheets
Forecasting
Company investment decision making
Costing analysis
Risk evaluation

The job requirement doesn't have to be management position.. I didn't know that..OMG It is a hard pill to swallow that it has to be management position, now I am confused again 🙁

[Hello2016]

@Lila Any thought about mla11692's advice?

[Missy]

No I didn't say the experience to get a CMA has to be management. It can be those other types, I wasn't sure what experience you have.

My point is if you're applying to a job that is staff accountant, senior accountant, even cost accountant, don't expect an employer to be impressed that you have a CMA because its not a requirement for the job. The only time an employer is going to be impressed with a CMA is if you're being considered for a management level position.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Hello2016]

@mla11692 Thank you for your advice, it really seems like the the CMA is not going to help me in a short run, since I already passed part 1, I think I will take the part 2 also. It looks like I make a bad decision 🙁

[A]

I don't think of it as a bad decision. Having your CMA isn't going to *hurt* you, either. : )

B - 77 (2.27.16)
A - 81 (4.18.16)
R -
F -

Roger Review + Ninja MCQs

[Missy]

Well if you've already started may as well finish. Its a good thing to have and I don't want to discourage you. Its just I see a lot of people here who TRULY believe that credentials are interchangable with experience. They think “I'm having a hard time finding a good job, I'll take another test!” But the bottom line is that it usually does not make the job search easier, it will still be hard in many cases. So you get the CMA now, continue gaining accounting experience and somewhere down the road the combination pays off.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Hello2016]

@mecrushya Thanks, that cheer me up, but it really hurts my wallet 🙂

[Hello2016]

@mla11692 Thank you for your advice, I am working in a small size company, I was hoping getting CMA could help me land on a little larger company with the same position that I have right now. 🙂 I need to be patient!!!!!!!

[ohiostategirlcpa]

Definitely finish the CMA. It is recognized in cost accounting and management.

The experience requirements are not for sitting but for certification: two years of general all-around accounting are sufficient. They need not be under another CMA.

The Cont. education can be met with taking college courses for the CPA exam, or simply by passing CPA exam sections, even preparing training courses/programs for employees. Read the handbook on that, it is quite inclusive.

F91 A95 R90 B94
CMA since 2015
(Gleim books/PDFs, MCQs, SIMS)

[Mayo]

“The only time an employer is going to be impressed with a CMA is if you're being considered for a management level position”

I'll add to this to provide a bit more nuance: A CMA is most likely maximized at a Manager position. A senior position can still benefit from it as a signaling device, but your use of the certifications knowledge is minimized because the type of in depth analysis you are performing is not as complex as it could be,

But based on your goals, aka cost accountant, I say CMA is completely worth it in the long run. Again, it's not likely to help you in the short run without relevant experience. At least not a whole ton.

Mayo, BBA, Macc

[HoosierDaddy]

I believe it couldn't hurt to have the CMA. I have met a couple pretty smart CMAs that have impressed me.

My question is “Why not?” If you have some free time and you want to boost your resume, go for it. The CPE requirements will not impose much of a financial burden. You can complete some credits online for free or inexpensively, or attend seminars or conferences provided by your local CPA society. The requirement is 30 hours a year (https://www.imanet.org/cma-certification/cma-resource-center/continuing-education-for-cma). That's really not that bad. I earned 140 hours of CPE during my first two weeks at PwC. It flies by.

Even if it doesn't help you in your job right away, it will look great on your resume which will help you stand out from competitors, land better jobs, and get paid more. Totally worth it. Go for it!

-Passed all four sections of CPA exam in 2010 using Becker.
-Former Seasonal Audit Senior with Big Four accounting firm.
-Plan to sit for Certified Fraud Examiner (CFE) and Certified Anti-Money Laundering Specialist (CAMS)

[Hello2016]

@ohiostategirlcpa Thank you, I just search about the CPE, Gleim has some CPE online package, it is $6 per credit hour. Enough though it is not cheap to me, but it is acceptable.

@Mayo Thank you, hopefully it will pay off in the long run, the registration fee and exam fee are expensive!

@HoosierDaddy Thanks, I will go for it.

[Author]

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